KUALA LUMPUR: HONG LEONG BANK BHD (HLB) will be investing around RM150mil-RM200mil this financial year (FY21 ending June 30) for capital expenditures (capex). "A large sum about 60-65% of this will go towards digital initiatives. Whether it is for the tools to enhance customer experience, cyber security or compliance and so on. The capex this year will be about the same as the previous year," HLB's Group managing director and chief executive officer Domenic Fuda said at a press conference after the launch of its 4th annual HLB Digital Day yesterday. "A lot of our capex were spent on third party suppliers a few years ago. A fair amount of capex now is spent on capabilities that are built in house. It is now spent to build our own capabilities now rather than just relying on third parties," Fuda added.
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